It's a tough economy out there, especially for lawyers. Law firm leaders are struggling to cope with recession, technological change and a pressing need for business development skills that often goes unmet. A recent survey by the Ohio State Bar Association found that nearly one in five attorneys are ready to quit their jobs and anticipate their practices will be less satisfying in the future. So what are law firms and attorneys to do? Well, while you can't change the current economic situation, you can, and must, focus your attention on the following client-focused action steps:
- Stop Thinking and Acting Like a "Billable-Hour Zombie:" During tough economic times, and from this point forward, your clients will re-evaluate your hourly rate systems. They will focus on what you can produce and how quickly you can do so. They don't care that you have built complicated tracking systems for measuring performance in 6-minute increments. All they care about is how quickly and accurately you can produce the results they are looking for. If you insist on billing per hour, the incentive for you is to take longer while your clients are looking for faster and more efficient results. Today's clients are more business-savvy and will use these facts to question your value. If you are not careful, you and your firm will find yourselves walking around like zombies in empty halls while your efficient, proactive, and business-minded competitors are thriving.
- Start Creating Systems that Make You More Efficient and Client-Focused: If you have practiced law for more than two years, you probably know how long most of your repetitive processes take. There are certainly exceptions, but most people can produce a general estimate for tasks that they have done more than twice. When meeting with a client or a prospect about an engagement, ask targeted questions to get as much information as possible to produce a general timeline. Tell clients that you have systems and processes for managing your time efficiently and give them a low and high price range for the project. The low end can be used if you have over-estimated the project and the high end is there to protect you against unforeseen changes and additions. The value of having a project range is that you have set up expectations with your clients in advance and they are less likely to get sticker shock if your project ends up being more than they expected. Your job is to effectively manage your time and to produce the results your clients desire. They should not have to pay for your inefficiencies or lack of skills. They are much happier and more likely to do repeat business with you if they believe that they are paying for your expertise and value.
- Stop Expecting Clients to Fall From the Rainmaker Sky: Before the most recent recession, attorneys could rely on their firm's marketing strategies or firm-sponsored networking events to bring in business. Junior attorneys often received "spill-overs" from "rainmakers" and focused on producing high quality work instead of harnessing their business development skills. In today's economy, senior attorneys are scrambling for their own business and tend to be protective of the clients they retain. The challenge for law firms is that junior attorneys weren't taught how to bring in new business and now it's too late to train them. Many fear being fired or hide in their offices hoping no one will notice them until times get better.
- Start Harnessing Your Client-Development Skills: If you are waiting for your firm to pick up the expenses of your professional development, you are going to be disappointed. In today's economy, firms are unfortunately cutting professional development and marketing budgets and it's up to you as an individual to continue developing your skills and talents. If you want to be seen as key talent or a future leader, you will need to learn how to attract and retain clients. Luckily, there are many low cost options that offer tactical and strategic advice that you can implement right away. Investigate what your local Bar Associations are offering and pick up some CLE credits while you're at it. Research online programs where you can team up with other attorneys and split the cost. And for a free and powerful option, seek out a mentor in your firm and interview him or her about the techniques and strategies they use to make "rain."
- Stop Assuming That Being a Great Attorney is Enough: While the field of law is one of our most revered learned professions, in today's world it isn't enough to be a content matter expert. Today, attorneys must also be able to think like business owners and know what it takes to run a firm to maintain their value. Clients expect attorneys to understand how their businesses work and be able to relate to their challenges.
- Start Thinking of Yourself as a Self-Employed Business Owner: Ask yourself "If I were self-employed (you may already be) what would I need to do to meet clients?" "If I ran my own firm or practice, what business-building skills would I need to learn to be successful?" "Who within my firm could I meet with to learn what it takes to run a law firm?" "Do I know how to read financial statements and make smart decisions about hiring, firing, cash management, etc. based on the numbers?" If you can show your management team and your clients that you get what it takes to run a business, you will never need to look for another job or worry about getting laid off. People who know how to bring in, keep, and grow revenue are always in demand.
Copyright 2010 Jessika M. Ferm & J.Ferm, LLC
Jessika M. Ferm is a writer, coach, speaker, and consultant on leadership, management, and business topics and is known for her "no frills no fluff" approach to sharing information. She is the President of J.Ferm, LLC, an international leadership consulting firm and is the trusted adviser to leaders and managers ranging from Fortune 100 companies to start ups. For more information or to sign up for the free "Leading Edge" newsletter, visit: http://www.jferm.com/ or visit the blog: http://www.nofrillsnofluff.com/blog.
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